What was your most expensive emergency?

[formerexpat]

A thread on EF's got me wondering:

What was your most expensive emergency?
How much was it?
Could it have been insured against or planned? [i.e. short term disability or new roof, for example]

Some people throw out random stats like 3 months, 6 months or 9 months of living expenses or x months of wages but what is the range of an emergency that is most likely to occur?

I'd have to say a new transmission when I was younger for approx $2k.

[Deleted]

I think most people who have X months expenses are insuring against job loss... which can be expensive.

Emergency... hmmm... we did have to replace a furnace last year... which by age you wouldn't have planned on... it was over 2K, but they did give me an 800$ 'loyalty rebate' because it was just out of warrenty... so i got some back...

[sue]

Most expensive emergency... a new basement after a flood 3 1/2 years ago. Cost $21.5k for the basement, $3.5k for plumbing issues that came up in process of getting the basement replaced. While I did not have flood insurance, I was told it did not matter. The weight of the water put pressure on the walls that caused them to crack and water was pouring in through the walls.

[schildi]

Knock on wood, we have not had an emergemcy yet that required us to take money from the EF. Everything unexpected so far was low enough such that we were able to pay for it as we go (while reducing savings that month, but not going backwards/withdrawing from savings).
As I said, knocking on wood here hoping it stays that way.

[Deleted]

"Emergency" isn't really the word that I would use. More like "stuff you know that can happen but hope doesn't" LOL.

Our personal residence stood vacant for 3 months when we moved to Germany. That was first time I had a vacancy last for more than 5 days in the 7 years we had personal rentals. It was the result of a combination of factors. First was how late we received our fully signed contract from the company DH works for (June 15th). Because school gets out pretty early in AZ (towards the end of May), all the "planner" types (and usually good renters) had already located their new homes for the school year. Then they all head off for San Diego for the summer!

Secondly, I failed to trust my own instinct and let my real estate agent (who lives a block away) talk me into raising the rental price when she listed it. I believed her when she said I was missing the market because I was priced too low. Really stupid on my part. So between losing 3 months of rent + the real estate commission we spent $10k.

In hindsight, it would have been cheaper for me to make a round trip flight to Germany to take one of the cats and meet the movers to get the house set up and then return to the States until I got the house rented out.

Although we could afford it, I resented spending that kind of money. And it underscored my belief that I'm better off managing my own properties.

Live and learn!

[cronewitch]

Mine was a pipe in a wall upstairs broke letting water damages in the main floor bath and one bedroom and closet. I hired a contractor to fix it but also had him remodel both bathrooms and repair other things like the down stairs ceiling. I spent about 40K but the insurance company paid me back for part of it that was actual damage not just wanting new bath tubs and tile floors. So I guess the emergency part was free but cost me because it triggered remodeling things at the same time.

I don't keep an emergency fund so just used a HELOC to pay for the remodel.

I don't consider unemployment an emergency that requires a fund. I keep expenses low so can live on unemployment between jobs. Next job loss I will retire.

Retirement is the very biggest emergency you can have, not 3-6 months expenses in the bank but you will need about 25 years of expenses, less SS and pensions saved for it.

A coworker will be facing that this year with not nearly enough saved she is 64 with about 60K in the 401K plan. I told the boss the company should offer to pay her COBRA until she is 65 as a retirement gift. She can't continue to work at her job she has had 14 years because her mind is slipping, going down fast. We are hiring her an assistant to learn her job and help her then replace her. She wanted to work to 66 to get more SS but not going to make it to 65 in November. She needs medical, can't afford COBRA and too young for Medicare. Maybe we can demote her instead of retiring her. I told the boss I don't think we can call it firing her because she works really hard and after 14 years it would be much less cruel to just call it retirement, do the retirement party and parting gift, not fight her collecting unemployment even if we knew she wasn't looking for a new job or really able to do another job.

[happyscooter]

A blown engine in one of our vehicles. We were still making payments on it when this happened. Less than a year after having bought a new car for me to replace one. I was just back from maternity leave, DH calls me at work on a Monday morning at 9:00. He is standing by the side of the road waiting on a tow truck. Thank goodness he had a relative that would order the new engine at cost and let us use his building for repairing it. DH's dad helped with the repairs but the engine was 2 weeks pay. And that was 25 years ago.

[cytoglycerine]

Jan 21, 2011 1:40:40 GMT -5 @bonnap said:

"Emergency" isn't really the word that I would use. More like "stuff you know that can happen but hope doesn't" LOL.

Lol, same! That's why I affectionately refer to my EF as my "Oh Sh!t" money, because most things that make you utter that phrase require money to solve!

My biggest "unexpected" expense was with my car about 4 years ago. It was barely running, so we took it to the shop where we were told it needed a $200 repair, and it would be all better. A few hours later, we got a call from the shop saying it wasn't problem X, it was problem Y, and now it's gonna cost $1000! So we approve it, only to be called back the next day to be told it's not problem Y, it's problem Z - which will be $1500! And just when you think it can't possibly get any worse, we got yet another call from the shop saying on top of problem Z, it's also problem Q, and the grand total is going to be $2800 And that is how a $200 repair became a $2800 repair overnight.

Worst part is that the car died for good only 3 months after putting all that money into repairs The car was so old and so crappy I probably wouldn't have put $2800 into it had I know from square one that the actual cost was going to be $2800, and not $200 like I was originally quoted.

[whoisjohngalt]

My DH's dog had to have a gall bladder removal surgery - $7K

Lena

[sheilaincali]

2008 Major engine repair to DH's vehicle. $4300. Two weeks later DH was laid off from his job

[swamp]

While visiting my parents, my then 2 yo DD ate one of my mom's diabetes pills. She was taken by ambulance to the nearest hospital, and then transferred to a children's hospital about 30 miles away and admitted/observed for 24 hours.

I paid for 2 ambulance rides, an ER visit, an overnight hospital stay, and several doctors visits at out of network hospitals/providers. I believe it totaled about $3k.

I guess if I had memorized what hospitals and doctors and ambulance services 1500 miles away from home were in network, I guess I could have saved some money. I later found out that the other hospital in town but farther away had a children's unit and was in network.

It also could have been prevented by my mom not leaving a pill out, but she's got dementia, so it's not like she can help it.

[WannabeWealthy]

Definitely was when I was unemployed back in 2004 and had no money to make ends meet except my wife's salary and my UE. It wasn't pretty as I had to withdraw all of my 401k (~$3k). A close second is my car repairs for blown engines. That really sucks!

[thyme4change]

Does an unplanned pregnancy count? Those cost a couple hundred thousand dollars.

[kimber45]

Probably replacing our well a few years ago around $2500

[kimber45]

Also, I don't consider it an emergency, but we did not have health insurance when DS was born that was about $4000

[HoneyBBQ]

When I was in graduate school I found out I needed a root canal.

My stiped was around ~1000 a month, maybe a bit more, and the root canal was $1500.

Since I was a poor student, it went on my credit card.

I did pay it off as quickly as possible, but that's what happens when you don't have an EF (not that most students do!).

Now I have a very nice EF.

[Gardening Grandma]

I have not had a financial emergency in many years (thank goodness!). But the most expensive one was in the early 80's when we went out on strike. I was living paycheck to paycheck and had absolutely no savings. I borrowed $1000 from my credit untion, called the mortgage company (who assured me they did not want my condo and gave me some advice). We were out three weeks. It took me a couple of years to get the loan paid off, but after that I started my first EF (I called it my "strike fund").
That was when I really learned how little I could live on if I had to.

[HoneyBBQ]

"Also, I don't consider it an emergency, but we did not have health insurance when DS was born that was about $4000 "


Is that all?!?!? Holy smokes!

[kimber45]

Also, I don't consider it an emergency, but we did not have health insurance when DS was born that was about $4000 "


Is that all?!?!? Holy smokes!

Read more: www.notmsnmoney.proboards.com/index.cgi?board=finance&action=display&thread=2012#ixzz1Bga0HIAk

He is going to be 24, so that was quite a while ago,

[8 Bit WWBG]

It wasn't a panic emergency, but when our HVAC met its maker, we spent $6,400 on a new one. Of course that one qualifies for the $1,500 tax credit, and has already shaved money off our energy bills. Much better decision than spending $3k to patch the old one, only to have it break, or spending $4,500 on a new cheapie that wouldn't give us any savings or good performance.

[chiver78]

*looking around for some wood to knock*

thankfully, I haven't had anything big. the only thing that's coming to mind right now is the hot water heater that cost me $950 about a year and a half ago. it could have been a lot worse - I heard it hissing on a Monday morning (it lives in a closet on the 1st floor, in the main hallway) on my way out to work. two nights before on Saturday, I had a house full of people for a camp-out party. had the HW heater rusted through over the weekend.....yikes.

luckily, one of the facilities techs is a master plumber. I had a new 10-yr HW heater installed Wed. night.

[thyme4change]

Many years ago, I got laid off the first week of December. I got 4 or 6 weeks severance (I can't remember which.) I didn't get full time employement again until March. That was expensive!

[shanendoah]

I think the most expensive emergency was when DH and I were living together, not yet even engaged, and he got a kidney stone. He had just started a new job and wasn't eligible for insurance for 3 months. ER visit (where we were treated like crap, probably because he didn't have insurance), the fee for the radiologist, the fee for the mri, and the fee for the doctor. I don't remember how much it cost, but I know I didn't make the final payment to the hospital until almost 4 years later. (Though to be fair, when we moved early in the process, the person handling our account was on the way out and didn't bother to pass on our change of address, so we went over a year without making any payments, until we finally contacted the hospital again. Silly us.)
And, considering DH proposed to me in the ER while hopped up on pain killers, it was worth it. (Though I think that makes it an even more expensive emergency. )

More recently, it was $3,400 for a surgery for one of our dogs that he didn't end up surviving. It was after DH lost his job. The bill went on no interest financing through care credit for a year and was paid off in 11 months.

[kygirl]

I've never really had an emergency, but I know that they can happen at any time. I think that's why I can't seem to stop contributing to my EF. I just want to be really prepared, and I think I've put myself in a position to be prepared, so it's not logical that I can't stop saving.

[alsmez]

Mine was for a sick kitty about 6 years ago - $2500. I had a healthy EF at the time but that was still a major blow, especially since kitty had to be put down anyway.

[Poppet]

Fender bender - 3.5K in December.

Luckily we had the cash set aside.

[Cookies Galore]

Emergency appendectomy when I didn't have insurance. I had graduated college a few months prior so even though I knew my insurance was running out, I couldn't schedule appendicitis. I was working at a restaurant at the time and couldn't afford my own policy or their policy. I was so sure I was going to get a job soon anyway, since I was interviewing a lot. $17,000 later, I had a shiny new scar to show off. I lucked out, though, because I did qualify for county assistance and most of the bill was taken care of, I only had to pay a little less than $2,000.

[formerexpat]

My DH's dog had to have a gall bladder removal surgery - $7K

[/size]

Much cheaper for the SPCA to put him down.

Does an unplanned pregnancy count? Those cost a couple hundred thousand dollars.

[/size]

Or a few hundred, depending on your choice.

A close second is my car repairs for blown engines.

[/size]

Multiple?? Sounds like you're a bit too harsh on the car. After spending 12+ hours replacing one with my dad after blowing one, I was much kinder on my cars.

Most of you have confirmed my suspicion. Emergencies are never really a very high dollar value [i.e. 3-9+ months of expenses and/or salary] and most could have been planned or saved for [i.e. HVAC], and even insured against.

Seems to me the old adage of 3, 6, 9 or whatever number of months you use is too conservative for most and will result in years of dead money laying around when it could be invested.

[Malarky]

Two days after the April Fool's snowstorm of '97 the snow slid off the roof and the weight dropped my 100+ yo old porch into the side yard.
It cost $2000 to replace and it had to be done to code-so much for my beautiful old decorative railings.
Unfortunately I had to do it right away because the stairs to the house were attached to the porch and I had an infant and a toddler. It was hard to climb in and out of the house.

[steff]

We had just moved into our new house and decided for the 4th of July to have a bbq with friends over. While 1 adult, 1 teen, and 3 children (1 of them barely a year old) were standing on it, our deck collapsed. all of the small children were fine, not even a scratch. The adult had a separated shoulder & needed stitches to close the gash on his head where a chair hit him. The teen, my son, had lots of scrapes and scratches, but nothing was broken. The deck ended up costing $4,000 to replace and wasn't covered by insurance. Our insurance did cover the ER visit, lost wages, and physical therapy costs for the adult.